Phased Retirement

Posted in Human Resources Terms, Total Reads: 994

Definition: Phased Retirement

Phased Retirement is a process that allows full-time employees to work part-time schedules while beginning to draw retirement benefits. Phased retirement helps full-times employees to transition gradually into retirement. 

• As employees age, they need information about their retirement options, including work options such as rehearsal or phased retirement

• Workers of all ages are looking for ways to balance work and life obligations. Many older workers are members of the ―sandwich generation and must provide care for parents and children, and even grandparents and grandchildren

• The main purpose of Phased Retirements is also to improve and facilitate the training as well as mentoring of the employees who shall be filling the posts of retiring and more experienced employees who are preparing for full retirement. It also encourages the experienced employees to remain in the post, in at least for part-time capacity, until the less experienced employees are fully trained equipped, so that they can fulfil the same duties and responsibilities as those employees who wish to retire.

• An effective and implementable Phased Retirement plan has been goal, soughed since years.

• However, the problem lies the fact that an individual who was retirement eligible or is going to retire but has wished to continue employment for a part-time basis is generally had or given very less economic benefits to do so because an employee retirement benefits would often be greater than there would be salary for part-time employment.

Phased Retirement will allow an individual to retire from part of their employment, while still continuing the remaining and continuing to earn additional retirement benefits

Hence, this concludes the definition of Phased Retirement along with its overview.

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